Dublin, June 07, 2024 (GLOBE NEWSWIRE) -- The "Bridges Global Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The global bridges market reached a value of nearly $115.5 billion in 2023, having grown at a compound annual growth rate (CAGR) of 6% since 2018. The market is expected to grow from $115.5 billion in 2023 to $167.1 billion in 2028 at a rate of 7.7%. The market is then expected to grow at a CAGR of 6.9% from 2028 and reach $233.3 billion in 2033.
Growth in the historic period resulted from the surge in traffic congestion, growth in tourism and recreational activities, increase in government initiatives and rise in construction activity. Factors that negatively affected growth in the historic period was skilled labor shortages.
Going forward, increasing infrastructure development, increasing international trade, strong economic growth in emerging markets and growing population and urbanization will drive the growth. Factor that could hinder the growth of the bridges market in the future include high construction costs.
The bridges market is segmented by type into beam bridge, truss bridge, arch bridge, suspension bridge, cable-stayed bridge and other bridges. The beam bridge market was the largest segment of the bridges market segmented by type, accounting for 33.4% or $38.6 billion of the total in 2023. Going forward, the cable-stayed bridge segment is expected to be the fastest growing segment in the bridges market segmented by type, at a CAGR of 9.5% during 2023-2028.
The bridges market is segmented by material into steel, concrete and composite material. The concrete market was the largest segment of the bridges market segmented by material, accounting for 43.9% or $50.7 billion of the total in 2023. Going forward, the steel segment is expected to be the fastest growing segment in the bridges market segmented by material, at a CAGR of 8.1% during 2023-2028.
The bridges market is segmented by application into road and highway and railway. The road and highway market was the largest segment of the bridges market segmented by application, accounting for 73.8% or $85.2 billion of the total in 2023. Going forward, the road and highway segment is expected to be the fastest growing segment in the bridges market segmented by application, at a CAGR of 7.9% during 2023-2028.
Asia Pacific was the largest region in the bridges market, accounting for 44.2% or $51.1 billion of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the bridges market will be Africa and Middle East where growth will be at CAGRs of 23.2% and 20.4% respectively. These will be followed by South America and Asia Pacific where the markets are expected to grow at CAGRs of 12.9% and 7.9% respectively.
The global bridges market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up to 35.71% of the total market in 2022. China Communications Construction Company Limited was the largest competitor with a 11.32% share of the market, followed by China Railway Group Limited with 9.10%, VINCI S.A. with 4.28%, Hochtief Aktiengesellschaft with 2.30%, ACS Actividades de Construccion y Servicios S.A. with 1.97%, Bouygues Construction with 1.73%, Skanska AB with 1.69%, Bechtel Corporation with 1.24%, Samsung C&T Corporation with 1.22%, and Balfour Beatty PLC with 0.87%.
The top opportunities in the bridges market segmented by type will arise in the beam bridges segment, which will gain $19.9 billion of global annual sales by 2028. The top opportunities in the bridges market segmented by material will arise in the concrete segment, which will gain $22.7 billion of global annual sales by 2028. The top opportunities in the bridges market segmented by application will arise in the road and highway segment, which will gain $39.7 billion of global annual sales by 2028. The bridges market size will gain the most in India at $8.1 billion.
Market-trend-based strategies for the bridges market include focus on circular construction using computational design and 3D printing, using bridge inspection applications to streamline the process of inspecting and maintaining bridges by digitizing and automating various task and focus on collaborations and partnerships to strengthen their market position, enhance product offerings and expand their geographic reach.
Player-adopted strategies in the bridges market include focus on expanding business through investments and strategic partnerships and reinforce position in global market through various contracts and projects.
To take advantage of the opportunities, the analyst recommends the bridges companies to focus on circular construction and 3D printing techniques, focus on bridge inspection applications for enhanced efficiency, focus on cable-stayed bridge segment, focus on steel segment, focus on collaborations and partnerships for market expansion, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, focus on value-based pricing strategies, participate in trade shows and events, continue to use B2B promotions, focus on targeting road and highway applications and target governments
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider bridges market; and compares it with other markets.
The report covers the following:
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by material and by application.
- Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario - The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the bridges market.
- Global Market Size and Growth - Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional and Country Analysis - Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation - Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by type, by material and by application in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth - Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking - Briefs on the financials comparison between major players in the market.
- Competitive Dashboard - Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities and Strategies - Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and Strategies to be followed in those markets.
- Conclusions and Recommendations - This section includes recommendations for bridges providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 299 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $115.5 Billion |
| Forecasted Market Value (USD) by 2033 | $233.3 Billion |
| Compound Annual Growth Rate | 7.3% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes:
- China Communications Construction Company Limited
- China Railway Group Limited
- VINCI S.A.
- Hochtief Aktiengesellschaft
- ACS Actividades de Construccion y Servicios S.A.
- Bouygues Construction
- Skanska AB
- Bechtel Corporation
- Samsung C&T Corporation
- Balfour Beatty PLC
- China State Construction Engineering Corporation (CSCEC)
- China Railway Construction Corporation Limited (CRCC)
- China Road and Bridge Corporation (CRBC)
- CCCC Highway Consultants Co., Ltd.
- Larsen & Toubro Limited (L&T)
- Hindustan Construction Company (HCC)
- Afcons Infrastructure Limited
- Decmil Group Limited
- GAMMON India Limited
- Simplex Infrastructures Limited
- Obayashi Corporation
- Kajima Corporation
- Hyundai Engineering & Construction Co., Ltd
- John Holland Group
- CPB Contractors
- Lendlease Corporation
- Downer Group
- PT Wijaya Karya (Persero) Tbk
- PT Adhi Karya (Persero) Tbk
- PT Pembangunan Perumahan (Persero) Tbk
- PT Nusa Raya Cipta Tbk (NRCA)
- VINCI Construction
- Eiffage Construction
- Colas
- STRABAG SE
- HeidelbergCement AG
- Bilfinger SE
- ACS Group
- Ferrovial
- Sacyr
- ACCIONA
- Peab
- NCC
- AF Gruppen
- Implenia
- Sika AG
- Holcim Group
- Astaldi
- Tecnasfalti S.p.A
- Cimolai Technology
- Costain
- Kier Group
- Galliford Try
- Mostotrest
- Transstroy
- Stroytransgaz
- Compania Nationala de Administrare a Infrastructurii Rutiere (CNAIR)
- Tehnostrade
- Pizzarotti Romania
- Budimex
- Polimex-Mostostal
- Beton Stal
- PCL Construction
- EllisDon Corporation
- Aecon Group Incorporated
- Graham Construction
- Pomerleau Incorporated
- Hamilton Construction
- Kinsley Construction, Inc
- Parkia, Inc
- Longview Bridge and Road
- C. A. Rasmussen, INC
- Turner Corporation
- Bird Construction Incorporated
- Construction Partners Inc.
- KCI Construction
- Oderbrecht
- Camargo Correa
- Andrade Gutierrez
- Queiroz Galvao
- MRV Engenharia
- Gold and Silver Technical Services LLC
- Al Habtoor Group LLC
- Al-Naboodah Constructing
- Arabian Construction Company
- Rise Geo Control Systems Trading LLC
- Al Fikree Contracting L.L.C
- Darwish Engineering Emirates LLC
- Aleono Rebar Splicing Technology Co., Ltd
- Redcon Construction Company
- Estim Construction Co. Ltd, Eco-Beam
- Ecomo
For more information about this report visit https://www.researchandmarkets.com/r/h87l5x
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